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OPENERS: SUITS; IN THE ROUGH

With its popular Big Bertha drivers, the Callaway Golf Company helped to lead the golf boom in the 1990's; its stock tracked the game's popularity, rising eightfold from 1992 to mid-1997. When golf's popularity plateaued, however, Callaway slumped, and its strategy to recover -- notably the acquisition of Top-Flite, a golf ball maker -- did not reverse the decline. In June, Callaway said its earnings would continue to lag, and its stock dropped 20 percent in a day. It has slid by 60 percent this year.

Last week, Callaway's board asked the company's chairman and chief executive, Ronald A. Drapeau, to resign, and he did. William C. Baker, Callaway's longest-serving director, was appointed chairman and interim chief executive.

Mr. Drapeau, meanwhile, will get at least $1.4 million in severance pay -- and plenty of time to spend on the course. Eric Dash